Recap: The OPEC Meeting

Dec 12, 2012 8:12 am GMT

Associated Press

At the 162nd meeting of the Organization of the Petroleum Exporting Countries it was decided that OPEC would maintain its oil production ceiling of 30 million barrels a day, in a move that was widely expected.

The group did not address the fact that it is currently producing well above that target.

The production agreement came after oil ministers from several OPEC member countries expressed satisfaction just ahead of the meeting with either the current production ceiling or the balance between supply and demand on the global market.

OPEC ministers couldn’t agree on selecting a new secretary general, so they chose to extend the tenure of the current leader for a year, Saudi Arabian oil minister Ali al-Naimi said.

Mr. Naimi said there will be no discussion about choosing a new secretary general when OPEC meets again May 31.

See highlights from today’s meeting in our recap of the live blog below.

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